Tuesday, December 16, 2014

Breach Insurance: Not just for the Big Guys

A ruling last week by a federal judge that Target is on the hook for financial losses sustained by banks when it was hacked earlier this year is making companies of all sizes look at breach insurance with a new eye.

Cyberbreach insurance, which covers losses and costs due to hacker attacks on a company's computer system, is a relatively new type of policy. It was first introduced in the 1990s, mostly to cover computer failures at banks and Fortune 500 companies. In the 2000s it began to be applied to companies whose information had been hacked.


source: www.usatoday.com

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